One of the most commonly spouted tenets of cryptocurrency trading is “past performance is never an indicator of future success.” However, when the same pattern occurs three years in a row at almost exactly the same time, it can be easy to question the validity of this statement.

In this case, we are talking about the fact that Bitcoin (BTC) has witnessed a significant pump for the past three years at the beginning of January—gaining between 10% and 24% in the first week of the new year.

When Bitcoin Goes Up…

With gains of between up to 24% seen for the last three years in a row, you might be forgiven for thinking that similar gains are almost certain for 2020. Unfortunately, this isn’t guaranteed to be the case, since the markets rarely follow such a predictable pattern.

https://twitter.com/SalsaTekila/status/1211695710007156740

Nonetheless, at the highest end of the range, assuming Bitcoin replicates the 24.3% gain seen in early 2018, then a value of around $9,050 could be seen within a week. Conversely, at the lowest end of the range, an 11.8% gain would push Bitcoin back up to $8,590—a value last seen in mid-November 2019. Because of this, it’s certainly worth paying attention to the market over the next few days—just in case the trend repeats itself for the fourth time.


more: https://beincrypto.com/is-bitcoin-about-to-pump-and-then-dump-in-january/

For months now, analysts have been asking if Bitcoin’s bear trend, which brought it from $14,000 to where it is now at $7,200, has ended.

While analysts have tried to spin things positively, claiming that BTC was on the verge of preparing to break higher yet again, the cryptocurrency market continued to tumble, putting in fresh lows every few weeks. And unfortunately for bulls, according to a prominent trader, there is likely to be one more leg down for Bitcoin.

Bitcoin Poised to Return to $5,000?
BlockTV, an industry video news outlet, recently hosted Tone Vays, a former Wall Street trader turned Bitcoin educator and analyst, for a BTC price analysis segment on their show.

While Vays has started to show signs of optimism, he remarked that he still expects for BTC to see the “next low to come in [during] the first quarter of 2020.” As to where this low in the cryptocurrency market will come in, the long-time cryptocurrency trader looked to the $5,000s, claiming that there’s a high probability Bitcoin will enter that range to put in a fresh low.

more : https://en.ethereumworldnews.com/bitcoin-price-likely-drop-30-percent-months/

what is your opinion about this analysis?

For years now, prominent investors in and out of the Bitcoin and cryptocurrency community have been making predictions, predictions about the crypto market’s future — often deemed uncertainty by many skeptics.

One of the most prominent of these predictions has been one from Tim Draper, one of Silicon Valley’s most prominent venture capitalists, having made early investments in companies from Skype and SpaceX to Tesla. Draper, notably, bought his first Bitcoin over five years ago, buying millions of dollars worth of the leading digital asset in an auction held by the U.S. government.

Draper, for over a year now, has been saying that the price of BTC will easily hit $250,000 — over 3,400% higher than the current price of $7,200 — by the end of 2022 or by early 2023.

Per previous reports from this very outlet, the legendary investor backed this prediction in a recent yahoo finance interview by reasoning that using fiat monies, which he calls “poor” (referring to their quality), are illogical, citing their controllability, lack of transparency, and subjectivity to political and social whims on the day-to-day. And as the American investor argues that most of the brightest developers, engineers, and academics are working on digital assets, Draper opines that there could be a large capital flight from fiat to crypto over time. He elaborates:

“My belief is that over some period of time, the cryptocurrencies will eclipse the fiat currencies. That would be a 1,000 times higher than what we have now.”

But do others agree with his assessment?

more :https://en.ethereumworldnews.com/can-bitcoin-rally-3400-percent-cnbc-analysts/

Bitcoin’s bears have had a field day with Bitcoin today, forcing it back down to its key support levels at $6,500, which was where it has found significant support in late-November during its massive drop.

Although this support was previously enough to spark a BTC rally, it currently appears that this level may be growing weak, but analysts still believe it is a critical level that bulls must defend if they want to stop BTC from incurring significantly further losses in the near-term.

Bitcoin Reaches Critical Support Level
At the time of writing, Bitcoin is trading down 4% at its current price of $6,600, which marks a notable drop from its daily highs of $7,200.

Today is the second day that Bitcoin has faced notable losses, with its price dipping below the all-important $7,000 support level yesterday before continuing its downwards descent today.

more : https://en.ethereumworldnews.com/6500-is-a-critical-level-for-bitcoin/

JPMorgan Chase’s blockchain payments platform looks to be expanding to Japan, and soon.

The U.S. banking multinational is eyeing a launch for its Interbank Information Network (IIN) in the East Asian nation possibly in January, executive director Daizaburo Sanai told Bloomberg in a report on Monday.

Built on Quorum, a permissioned blockchain based on ethereum and developed by JPMorgan, IIN is designed to enable member banks to exchange information in real time, allowing them to verify a payment has been approved. This, the bank says, helps reduce friction in international payments and ultimately leads to faster processing times.

The system is also a way of reducing the risk of money laundering, which is why over 80 Japanese banks have expressed an interest in joining IIN, Sanai said.

Japan has been under pressure to up its anti-money laundering game since the Financial Action Task Force found "numerous and serious deficiencies" in 2014.

IIN's ability to reduce delays in the payments process would allow the member banks to quickly collaborate with law enforcement in suspected cases of money laundering, an official at Sumitomo Mitsui Trust Bank – one of those interested in joining IIN – told Bloomberg.

Sanai agreed, saying the system makes the screening of payment recipients “faster and more efficient.”

As of mid November, there were approximately 365 banks signed up for the initiative from other parts of the world, according to JPMorgan's website. OCBC became the first Singapore bank to join IIN in September. Deutsche Bank – the number one bank globally for the clearing of euro-denominated payments – also became a member the same month.

Should all 80 Japanese banks join IIN, they'd comprise the biggest group from any single nation, according to the report.

more : https://www.coindesk.com/jpmorgan-blockchain-payments-network-eyes-january-japan-launch

Get ready for a bullish 2020 that will see us finally breaking into a new all-time high.

After losing 16% of its value in November, the price of Bitcoin traded above $7,000 in the first week of December, going as high as $7,800. Currently, we are trading at $7,550, up by 2.80%, as per Coincodex.

Mike McGlone senior commodity strategist at Bloomberg Intelligence says 2019 was the year of Bitcoin’s transition towards the gold. This maturation process, he says would continue as volatility declines.

Just like with gold, Bitcoin is retracing a bear market, said McGlone in Bloomberg’s Crypto Outlook for December 2019 report. He sees $6,500 — the most widely traded price — as good support for the world's leading cryptocurrency and sustaining below this “unlikely”.

Actually, he says, there are higher chances of it going to a 2019 high than to revising the $3,360 low. This is because Bitcoin has already declined 50% from 2019’s peak, “which will limit further declines.”

more : https://bitcoinexchangeguide.com/6-tailwinds-that-will-push-bitcoin-price-to-double-in-2020/

For some reason, Q2 has almost always seen Bitcoin’s price rise. The only exception to this rule was in Q2 2018 (minus eight percent) and a marginal decline in Q2 2013 (minus two percent).

If you look at Bitcoin’s price gains by quarter, a strange pattern emerges: Q2 seems to consistently be in the green. Since Bitcoin’s inception, it has, by far, been the strongest quarter every year.

As posted by skew (@skewdotcom) recently, Bitcoin has enjoyed consistent gains for almost every Q2 since 2014. The only exception is Q2 2018, which saw the leading cryptocurrency drop -8.17 percent.

more : https://beincrypto.com/which-fiscal-quarter-is-most-bullish-for-bitcoin/

do you have any other opinion? try to say let's discuss!

USDT tokens are now fully backed by Tether’s reserves, the stablecoin issuer said Thursday.

Tether published a response to what it described as “a flawed paper” written by John Griffin, a professor of finance at the University of Texas at Austin, and Amin Shams, an instructor the Ohio State University which claimed a single address on the Bitfinex exchange was responsible for manipulating the bitcoin market in late 2017, sparking the bull market. The paper was an update to a version first published in the summer of 2018.

Tether pushed back on this claim, saying in Thursday’s statement that “the revised paper is a watered-down and embarrassing walk-back” of the first version.

Perhaps more intriguing, however, was the claim that “All Tether tokens are fully backed by reserves.”

Whether or not USDT is fully-backed has long been a point of contention. The company has promised an audit of its stablecoin reserves (though it has not delivered one, and has since dissolved its relationship with its auditor), produced a third-party report saying it likely had more funds than outstanding tokens, and had a bank write a letter vouching for its holdings. (The latter two reports both acted as snapshots, only assuring the crypto community that on specific days, Tether’s obligations did not exceed its assets.)

Tether’s backing is even the subject of an inquiry by the New York State Attorney General’s office.

Nevertheless, Tether maintained that its tokens were fully backed until April 2019, when general counsel Stuart Hoegner wrote in an affidavit that USDT was backed by “cash and cash equivalents … representing approximately 74 percent of the current outstanding tethers.”

At the time, Tether held $2.1 billion in assets, with 2.8 billion USDT tokens issued on the Omni blockchain. According to a block explorer, this number has fallen since then to 1.775 billion. However, a further 2 billion USDT is in circulation as an ERC-20 token.

Tether’s “Transparency” page says the company currently holds more than $4.6 billion in total assets, including $4.56 billion in U.S. dollars, $44 million in euros and $3.3 million in Chinese renminbi (amounts are converted).

more; https://www.coindesk.com/tether-says-its-stablecoin-is-fully-backed-again